Swiss cocoa and chocolate products manufacturer Barry Callebaut has entered into an agreement to acquire Sweden-based chocolate company ASM Foods from Carletti, as part of its efforts to strengthen its presence in Scandinavia.

Carletti, headquartered in Aarhus, Denmark, produces a range of chocolate and confectionery products and it operates two subsidiaries - ASM Foods in Mjölby, Sweden and Carletti Polska in Pruszkow, Poland.

The acquisition includes a specialty factory in Mjölby, Sweden, which produces specialty compound chocolate, fillings and inclusions. This acquisition is expected to boost Barry Callebaut's total production capacity by 35,000 tons.

As a part of the agreement, Barry Callebaut will sell its non-core business of frozen pastry products in Alicante, Spain, to Givesco, the holding company of Carletti and ASM Foods.

Barry Callebaut will also acquire the industrial chocolate and compound production of Carletti, including third-party sale agreements. In addition, Barry Callebaut is set to sign a long-term outsourcing agreement to supply liquid chocolate and compound products to Carletti.

Barry Callebaut noted that the total cash resulting of these transactions, which are likely to be completed in the summer, will be about CHF33m ($36m).